Account Reconciliation Fields

Account Reconciliation window: Enter or select the G/L account to reconcile in this field. Typically, bank accounts, cash accounts (such as petty cash), and credit card accounts are reconciled. To display a list of existing accounts, type ? in the Account to Reconcile field, or select the Lookup button.

Beginning Transactions and Additional Withdrawal or Deposit Adjustments window: This identifies the G/L account you chose to reconcile in the Account Reconciliation window.

This displays the number of new transactions that debit (decrease) the G/L account. These are transactions that have been cleared. Included are any service charge and any charges against the account that appear in the Imported Charges pop-up window.

The field also lists the total dollar amount of all these transactions that decrease the G/L account.

This displays the number of new transactions that credit (increase) the G/L account. These are transactions that have either been cleared. Included are any interest income amount and any amounts crediting the account that appear in the Imported Interest pop-up window.

The field also lists the total dollar amount of all these transactions that increase the G/L account.

The drop-down arrow lets you choose which transactions will appear in the box at the center of the Account Reconciliation window: checks and bank debits, deposits and bank credits, OR all transactions.

Account Reconciliation window: Type the closing date from the bank's statement, and press the ENTER key.

Beginning Transactions and Additional Withdrawal or Deposit Adjustments windows: This identifies the closing date from the bank's statement you entered on the Account Reconciliation window.

Status of the listed transaction. Possible statuses are uncleared,cleared, autocleared , and new bank record . For an explanation of status, see the Key at the bottom of the Account Reconciliation window.

This indicates whether the listed transaction is a Sage 50 transaction or a bank record. If a cleared transaction is displayed on two lines, the Sage 50 transaction will appear above the corresponding bank record.

In most cases, this will be a check number.

Deposits: If the transaction is a deposit/credit, this shows by how much it increases the G/L account.

If two or more receipts entered in Sage 50 have the same deposit ticket ID, they are combined and appear as one line item. Daily receipts are typically grouped together as one daily deposit. Therefore, all receipts entered for a particular day appear as one deposit transaction in Account Reconciliation. To reconcile these transactions separately, exit Account Reconciliation and enter unique reference IDs for these transactions.

Checks: If the transaction is a check/debit, this shows by how much it decreases the G/L account.

This is the transaction date.

This indicates the other party involved in the transaction or some other description related to the transaction. If the transaction is a check and the payee name or ID is available, that name/ID will appear.

This section of the Account Reconciliation window provides a key to listed transactions.

Uncleared: Indicates that the transaction was created in Sage 50 and not matched to a bank record or cleared.

Autocleared: Indicates that this Sage 50 transaction has been matched to a bank record and automatically cleared. (Sage 50 Premium Accounting and higher)

Cleared: Indicates that this Sage 50 transaction has been manually cleared.

New Bank Record: Indicates that this bank record has not been matched to any Sage 50 transaction. (Sage 50 Premium Accounting and higher)

Enter the total interest income received on the account you've chosen to reconcile.

You may need to expand the lower section where the Statement Ending Balance is located to see this field.

Enter the date when the interest income on the account was received. The date must be in the same period as the statement date.

You may need to expand the lower section where the Statement Ending Balance is located to see this field.

Enter or select the account that you want to use as the offsetting interest account. Since interest was applied to the bank account that you are reconciling, select an interest income account. Do NOT select the same account that you are reconciling.

You may need to expand the lower section where the Statement Ending Balance is located to see this field.

This lists any interest or service charges that have been imported into Sage 50 along with a bank statement that has been imported electronically. Learn more

Enter the total amount of all service charges incurred by the account you've chosen to reconcile.

You may need to expand the lower section where the Statement Ending Balance is located to see this field.

Enter the date when the service charge on the account was incurred. The date must be in the same period as the statement date.

You may need to expand the lower section where the Statement Ending Balance is located to see this field.

Enter the G/L account you want to use as the offsetting account. Since a service charge was applied to the bank account that you are reconciling, select a service charge expense account.

You may need to expand the lower section where the Statement Ending Balance is located to see this field.

This lists any interest or service charges that have been imported into Sage 50 along with a bank statement that has been imported electronically. Learn more

Enter the final balance from the statement, and press the ENTER key.

This section displays the sum of all checks and debits in the Account Reconciliation window that have not been cleared. Uncleared transactions are those entered in Sage 50 but not listed on the statement.

This section displays the sum of all deposits and credits in the Account Reconciliation window that have not been cleared. Uncleared transactions are those entered in Sage 50 but not listed on the statement.

This is the Sage 50 general ledger balance as of the statement date for the account you are reconciling.

This is the difference between the statement ending balance and the G/L system balance, less outstanding checks (debits entered in Sage 50 but not included on the statement) and including deposits in transit (credits entered in Sage 50 but not included on the statement).

When all transactions listed on the bank statement are entered and cleared in Sage 50 and outstanding transactions have been accounted for, the unreconciled difference should be zero (0.00). If not, check the bank statement to make sure that each transaction listed is also entered in Sage 50. For example, a service charge listed on the statement may need to be entered in Sage 50. You may need to check with the bank or make an adjusting entry.

Beginning transactions provide a way to account for transactions made prior to starting Sage 50 that have not yet cleared the bank (not appeared on the bank statement). Learn more